Zhitong Finance App News, ST Kangmei (600518.SH) issued an announcement. On March 13, 2024, the company disclosed the “Kangmei Pharmaceutical's Indicative Notice Concerning the Application for Bankruptcy and Liquidation of a Wholly-owned Subsidiary” (Notice Number: 2024-006). The creditor of Kangmei Chinese Medicine City (Puning) Co., Ltd. (hereinafter referred to as Puning Chinese Pharmaceutical Company or the respondent), revealed to Guangdong Province Intermediate Level on the grounds that Puning Chinese Pharmaceutical Company was unable to pay its debts due Proposed by the People's Court Bankruptcy liquidation application.
Today, Puning Chinese Pharmaceutical City received the Jieyang Intermediate Court (2024) Guangdong 52's “Civil Ruling” No. 1. The Jieyang Intermediate Court believes that when Xiang Ying Company applies for bankruptcy and liquidation of Puning Chinese Pharmaceutical City, it is necessary to prove that it is unable to pay off its maturing debts and that its assets are insufficient to settle all of its debts or clearly lack solvency. In this case, the evidence in the case was insufficient to prove the fact that Puning Chinese Medicine Market had insufficient assets to pay off all of its debts or clearly lacked solvency. Therefore, the Jieyang Intermediate Court did not support the claim of Xiang Ying Company applying for bankruptcy and liquidation of Puning Chinese Medicine Market.
